THE GOVERNMENT: Investor's Advocate

Dean of the Yale Law School is Charles Clark. Last week his younger brother Samuel was dean of an impromptu law school in Washington to explain to graduate lawyers a major change in corporate bankruptcy laws which goes into effect this week. This first general revision in corporate bankruptcy laws in 40 years was passed by Congress last June. Named for its introducer, Representative Walter Chandler of Memphis, the Chandler Act is actually the baby of the SEC, whose Chairman William O. Douglas was made a commissioner in recognition of a three-year...